Membership warehouse operator Costco Wholesale Corporation ( COST ) on Wednesday said its fiscal second quarter profit rose 16% from last year, meeting analyst expectations.
The Issaquah, WA-based company reported fiscal second quarter net income of $348 million, or 79 cents per share, compared with $299 million, or 67 cents per share, in the year-ago period.
Revenue rose 11% from last year to $20.88 billion.
On average, Wall Street analysts expected a matching profit of 79 cents per share, on lower revenue of $20.4 billion.
The company also noted that overall same-store sales rose 7% from last year. Same-store sales are an important metric used to measure a retailer's health, since they gauge the performance of stores open at least one year.
Costco shares were mostly flat in premarket trading Wednesday.
The Bottom Line
Shares of Costco ( COST ) have a 1.11% dividend yield, based on last night's closing stock price of $73.62. The stock has technical support in the $65-$70 price area. The stock is trading near all-time high levels of $75 a share.
Costco Wholesale Corporation ( COST ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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